Dutch e-bike brand VanMoof has just closed a $128m Series C, making it the most well-funded e-bike company on the planet, as the pandemic and concerns about the environmental impact of transportation have led to soaring demand across the world.
VanMoof saw e-bike sales more than triple in 2020. The company produces two models of e-bikes, aimed mainly at commuters in cities, that include a few extra bells and whistles such as anti-theft technology and integration with the Apple Find My network. The bikes cost £1,998.
“We’re reinventing, redesigning and re-engineering every component of the bicycle. It’s never been done before and will change how a bike is made, sold and serviced forever. It will help us get 10m people on our bikes in the next five years and our investors share in our vision of a smarter and cleaner mobility future,” said cofounder Taco Carlier in a statement.
The round comes a year after the company’s Series B and brings the total raised by the scaleup to $182m, putting it far ahead of European and US rivals. In Europe, Berlin’s DANCE has raised €15m and Belgium’s Cowboy has raised nearly €40m from investors like Index.
The round was led by Asian private equity firm Hillhouse Investment, with participation from existing investors including Norwest Venture Partners, Felix Capital, Balderton Capital and TriplePoint Capital.
Across Europe, e-bikes now account for 17% of all bike sales — and over half of all bikes sold in the Netherlands and Germany.
VanMoof says it will use the funding to increase production and improve reliability, likely in response to increased customer complaints about the bikes’ long lead times and broken parts or errors.
For an additional cost, VanMoof regularly checks and services bikes and the company’s Bike Hunters will recover stolen bikes.
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VanMoof was also named one of the 13 mobility startups set to boom in 2021 by VCs polled by Sifted. The company employs 260 people.
“We’re a huge believer in e-mobility being just in the early stages of city transport disruption and the founders, Taco and Ties Carlier have a great vision for delivering on that,” said Alex Smout, principal at InMotion Ventures.